# GE Aerospace (GE) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/GE/thesis · /stocks/GE/memo

## Financial Snapshot

---
ticker: GE
step: 04
generated: 2026-05-12
source: quick-research
---

### GE Aerospace (GE) — Financial Snapshot

#### Income Statement Summary (GE Aerospace standalone post April 2024 split)

| Metric | FY2024 | FY2025 | FY2026 Guide | YoY |
|--------|--------|--------|--------------|-----|
| Revenue | $35.1B | $42.5B | ~$46-47B | +9-10% |
| Adj. Revenue Growth | +13% | +21% | +9% | |
| Adj. Operating Margin | 20% | 21.5% | 21-22% | +50bps |
| Adj. Operating Profit | $7.0B | $9.1B | $9.85-10.25B | +9-12% |
| Adj. EPS | $4.60 | $6.40 | $7.10-7.40 | +11-16% |
| Free Cash Flow | $6.2B | $7.7B | $8.0-8.4B | +4-9% |

#### Segment Performance (FY2025)

| Segment | Revenue | Operating Profit | Margin |
|---------|---------|-----------------|--------|
| Commercial Engines & Services | $34.2B | $8.9B | 26.0% |
| Defense & Propulsion Technologies | $9.0B | $1.3B | 14.4% |

#### Engine Deliveries (FY2025)

| Metric | Value |
|--------|-------|
| Total commercial engine deliveries | +25% YoY |
| LEAP engine deliveries | +28% YoY (record 1,800+ units) |
| LEAP shop visits | +27% YoY |
| Installed base growth target | ~3x between 2024-2030 |

#### Q1 2026 Highlights

| Metric | Q1 2026 |
|--------|---------|
| Profit guidance raised | +$1B for FY26 |
| LEAP OE turning profitable | First time in 2026 |
| Q1 EPS | Record high |

#### Backlog

| Metric | Value |
|--------|-------|
| Total backlog | ~$190B |
| CES backlog (Q1 2026) | $170B+ (+$30B since YE 2024) |
| Backlog/Revenue ratio | ~4x |

#### Cash Flow & Balance Sheet (FY2025)

| Metric | Value |
|--------|-------|
| Free Cash Flow | $7.7B (+24%) |
| Cash & Equivalents | ~$15B |
| Total Debt | ~$20B (post split) |
| Net Cash Position | ~($5B) net debt — modest |

#### Key Ratios (approximate, May 2026)
- P/E (forward): ~32x | EV/EBITDA: ~22x | Dividend Yield: ~0.6%
- ROIC: ~15-18% (post-split clean structure)
- FCF Yield: ~3.3%

#### Growth Profile
GE Aerospace is in execution mode on a generational aftermarket cycle: ~$190B backlog, LEAP installed base tripling 2024-2030, LEAP OE turning profitable in 2026 (vs prior loss). Q1 2026 EPS hit record and management raised FY26 profit outlook by $1B. Margin expansion driven by services mix + LEAP OE inflection.

#### Forward Estimates
- **FY2026E Revenue:** ~$46-47B (mgmt guide +9-10%)
- **FY2026E Adj EPS:** $7.10-7.40 (mgmt guide; +11-16%)
- **FY2027E EPS:** ~$8.50-9.00 (consensus +20%)
- **FY2028E EPS:** ~$10+ (LEAP installed base inflection)
- **Long-term EPS CAGR target:** 20%+ through 2030

#### Capital Return
- Quarterly dividend $0.35/share = $1.40 annual (~$1.5B paid)
- Share buybacks: ~$5-7B annual run rate post-split
- Multi-year $1B+ US manufacturing investment (announced 2026)
- $7.7B+ FCF provides flexibility for accelerated capital return

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/GE/fundamental

## Navigation

- Overview: /stocks/GE
- Financials (this page): /stocks/GE/financials
- Thesis: /stocks/GE/thesis
- Investment Memo: /stocks/GE/memo
- Coverage universe: /stocks